If you are aged 50 plus and considering pension release, the minimum age increases from 50 to 55 in 2010
How do you cash in your pension early?
Pension Release or ‘unlocking’ is the term used for taking the benefits from your pension before you retire and getting up to the maximum tax free cash and/or income.
How much can I release?
The current rules say that you can release a cash lump sum of up to 25% of the value of your pension fund. This is tax free and is know as a ‘Pension Commencement Lump Sum’ (PCLS). In addition, the remaining fund can be used to provide you with an income that might be taxable – depending on your circumstances.
How can I get advice on cashing in my pension early?
If you wish to explore your options further, call retirement solutions on 0800 043 0725
Pension Release is only suitable for a very limited number of people and should be only taken as a last resort. Taking money from your pension now will reduce the amount of income available to you come retirement. This service applies to UK pensions only.